Jorge Madruga and Joy Score $86m Refi for New Hudson Yards Rental Building

Via The Real Deal

Jorge Madruga’s Maddd Equities and Joy Construction Corporationhave locked in an $86 million refinancing from KKR for its newly opened Hudson Yards rental building the Lewis, Joy principal Eli Weiss told The Real Deal.

The developers of the 12-story, 186-unit property at 411 West 35th Street launched leasing in January and then opened the doors in February.

The financing replaces a total of $79.4 million in loans provided by Wells Fargo in 2014, records show.

The property is about 25 percent leased so far, Weiss said. Rents range from $2,580 to $5,810 per month. The developer is offering two months of free rent on the available units, according to StreetEasy. Douglas Elliman handles leasing and marketing at the 191,000-square-foot property.

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